International Graphite Funding Deal with Comet Resources a Win-Win, Report Says

International Graphite’s (ASX:IG6) $1.5-million funding deal with major shareholder Comet Resources (ASX:CRL) resulted in a surge in IG6’s shares on March 13. The loan agreement was undertaken to address market speculation on the security of Comet’s shares in IG6, according to a news report from The West Australian.

“Management says the strategic funding transaction will prevent the potential sell down of any of the 40 million International Graphite shares owned by Comet – which delisted from the ASX in January – when they are released from escrow next month,” the report said.

The funding deal included giving International Graphite a majority seat on the Comet board, as IG6 management has called the deal a win-win for shareholders.

Read the full article here.

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International Graphite Funding Deal with Comet Resources a Win-Win, Report Says

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